Equity Market Trades Downward over Profit-taking
The Nigerian stock market is trading red, according to a midday report by Alpha Morgan Capital Limited as investors kick-start a fresh round of profit-taking in some mid-cap companies.
The local bourse has remained largely upbeat in 2023, delivering year to date return of 6% making the exchange one of the best performing across key markets in Africa and the global level.
At midday, the Nigerian Exchange (NGX) is down 0.06% following price declines in Ticker: INTBREW, ACCESSCORP, WAPCO, UBA, and ZENITHBANK, according to stockbrokers’ brief.
Selloffs in International Breweries shares have dragged the share price lower by 4.26%. Access bank Corporation has lost 1.63% and Lafarge WAPCO’s share has declined by 1.18%.
Currently, United Bank for Africa is priced 0.60% lower and Zenith bank has given up 0.4% of its opening valuation. There is also a possibility that the selloffs trend will reverse before the closing of the market, based on previous trading patterns.
Overall, the NGX All Share Index (ASI) is down by 0.06%.# Equity Market Trades Downward over Profit-taking